Global Soybean Meal Market - 2021-2028
The global soybean meal market valued USD XX million in 2020 and is estimated to reach USD XX million by 2028, growing at a CAGR of XX%
Soybean meal is made from soybean residue leftover after extraction of oil. It is often used in food and animal feed, primarily as a protein source and to improve metabolism. Soybean meal is a rich source of protein which is important for the health of animals and thus evolved as one of the most used feedstocks in livestock nutrition. It has been used as a standard for comparing the protein content of food products. An increase in demand for high-quality protein in soybean will continue to drive higher demand for soybean meal, mainly from the animal feed industry. There is an increase in the global requirement of biodiesel as a major alternative for petrol and diesel. Biodiesel is produced using soybean; therefore, this, in turn, may fuel the growth of the soybean meal market during the forecast period. Soybean meal market is forecasted to grow at a significant growth rate over near future due to its extremely high protein content which is around 47-49% of protein content and other nutritional contents like crude fiber.
Increasing demand for protein-rich foods for animals as well as humans
Soybean meal has a unique composition of amino acids and can be used as an alternative for cereal proteins. Thereby soybean meal is used in both animal feed and human food industries. The main reasons behind the increasing demand for soybean meal include the health benefits associated with this protein-enriched food and the increasing population of livestock, cattle, ruminants, and other animals that are fed by soybean meal. Furthermore, the high fiber content in soybean meals has been related to a reduction in colorectal and colon cancer, since fiber helps to ease the digestive process and put far less strain on the gastrointestinal system. Soybean is also used in pet food. This is anticipated to fuel the demand for soybean meal in the market during the forecast market. According to the U.S. Department of Agriculture, the total soybean meal consumption accounted for 243.53 million metric tons in the year 2020. China consumes the most soybean meal, followed by the United States, the European Union, Brazil and several other countries with livestock and poultry operations. Nearly 65% of the world's soybean meal is consumed by China, United States, the European Union and Brazil. The other reason for the increase in demand is the restrictions placed on slaughterhouse by-products, which in turn, has increased the market for soybean meal. This is further expected to enhance the market for soybean meal during the forecast period.
Increasing usage of soybean meal in the animal feed industry
Soybean meal is used in food and animal feeds, principally as a protein supplement, but also as a source of metabolizable energy. Globally, about 98 percent of soybean meal is used as animal feed. It has been estimated that, of soy meal fed to animals in the US, 48 percent is fed to poultry, 26 percent to swine, 12 percent to beef cattle, 9 percent to dairy cattle, 3 percent is used in fish feed and about 2 percent in pet food. Soybean meal is the dominant protein supplement used in poultry diets and is the standard to which alternative protein sources are compared. Soybean meal is the basic component of fodder mixtures for poultry, in which make up about 70% high protein fodders. Soybean meal has a high protein content, especially when compared to other plant protein sources. Soybean meal also has an excellent amino acid profile that complements that of corn, the primary energy source in poultry diets. Soybean seeds contain to 40% of crude protein and about 20% of fat, and soybean meal characterized higher content of crude protein- about 40-49%. With regard on high protein content, the soybean meal is mainly used in poultry and pig nutrition.
Asia Pacific is expected to dominate the global soybean meal market
Asia-Pacific is the dominant region in the soybean meal market, holding the major share of the market. China, India, Bangladesh, Thailand, Pakistan, Japan are the major producers of soybean meal in the region. According to the USDA, soybean meal production is increased from 69.69 million metric tons and 7.2 million metric tons in 2016-2017 to 78.41 million metric tons and 7.6 million metric tons in 2020-2021 in China and India respectively. The soybean meal is majorly consumed by the animal feed industry in the region.
In the Europe, soybean meal is widely used in the larger varieties of products like bakery products, health food, cosmetics, and in the manufacturing of antibiotics. These attributes for the demand of regional soyabean meal in the Europe. The production of soybean meal in the European Union stood at 12.40 million metric tons in 2020 and the domestic consumption was 30.94 million metric tons in the year 2020.
The global soybean meal market is highly fragmented with many players such as DuPont, ADM, Cargill, Incorporated, and Kerry Group among others. The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the market globally. For instance, in February 2021, NCDEX has launched futures trading in animal feed 'Hi-pro soybean meal'. In February 2018, Archer Daniels Midland Company and Cargill have reached agreement to launch a joint venture to provide soybean meal and oil for customers in Egypt. The joint venture would own and operate the National Vegetable Oil Company soy crush facility in Borg Al-Arab along with related commercial and functional activities, including a separate Switzerland-based merchandising operation that would supply soybeans to the crush plant.
COVID-19 Impact: The global soybean meal market remained resilient to the pandemic. Rise of 'all-natural' may pose positive impact over forecast period
The covid-19 have positively impacted the market due to increase usage of soybean meal in the food & beverage industry and in the manufacturing of health care products. However, the decline in the meat demand around the globe and the closure of animal feed manufacturing units have hindered the demand for soybean meal from the feed industry. As nearly a quarter of total soybean meal produced globally is estimated to be consumed by hogs (half to broilers), the temporary demand drop from this segment has important ramifications for soybeans. In early 2020, increased demand from China coupled with COVID-related clampdowns at South American ports caused US meal prices to surge. The All-India Poultry Breeders Association in a representation to the government urged for immediate permission to import 1.2 million tons of soymeal to control the surge in prices which they claimed is impacting the poultry and livestock sector. The poultry sector said that the average price of soybean meal has risen by 64 per cent between April and July 2020 thereby hurting their margins.
Understand the current market scenario and viability of global soymeal over the forecast period
Visualize the composition of the global soybean meal market in terms of nature, type and application to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global soybean meal market - Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market share analysis covering business revenues ($) and revenue share (%) of key market players
The global soybean meal market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages
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